Ramco-Gershenson Pays $10.4M for Phase 2 of Waukesha Retail Center

Ramco Gershenson Properties Trust has acquired the second phase of The Shoppes at Fox River development in Waukesha. Opus Development Corp. has sold the recently opened shopping center for $10.39 million, the Business Journal reports. The property features 47,000 square feet of retail space, as well as an adjoining 12.2 acres of land. T.J. Maxx, Ulta Salon and Cosmetics, Rue21 and Charming Charlie's are among the mall’s tenants. In December 2010, Ramco also purchased the 273,000-square-foot first phase of the shopping center from Opus for $23.8 million. The space is 100 percent occupied and includes Pick 'n Save, Petco, Buffalo Wild Wings, Noodles & Company, Dollar Tree and Famous Footwear as tenants. The sale did not include the Target, Chili's and CVS buildings.

by Adriana Pop, Associate Editor

In a $10.4 million deal, Ramco-Gershenson Properties Trust has acquired the second phase of The Shoppes at Fox River development in Waukesha from Opus Development Corp., the Business Journal reports.

The recently completed property features 47,000 square feet of retail space, as well as an adjoining 12.2-acre parcel. Tenants include T.J. Maxx, Ulta Salon and Cosmetics, Rue21 and Charming Charlie’s.

In Dec. 2010, Ramco-Gershenson purchased the 273,000-square-foot first phase of the asset from Opus for $23.8 million. That portion of the property is 100 percent occupied; tenants include Pick ‘n Save, Petco, Buffalo Wild Wings, Noodles & Company, Dollar Tree and Famous Footwear. Stand-alone buildings occupied by Target, Chili’s and CVS were not part of the transaction.

“We have a great relationship with Ramco-Gershenson Properties Trust and are happy to be working with them again,” said Julie Ledger, vice president and general manager for Opus Development. “The success of each of the phases of this development is a testament to the strength of this retail center and the community of Waukesha and led to Ramco-Gershenson’s desire to purchase our latest addition to the development.”

In other news, Baker Tilly Virchow Krause, LLP has completed its move from the Honey Creek Corporate Center on Milwaukee’s west side to a new 68,000 square feet location in the US Bank Center downtown (pictured).

The public accounting and consulting firm signed the lease for the new space at 777 E. Wisconsin Ave. in February and was represented by Steve Palec of Cresa. Baker Tilly’s Milwaukee office currently employs about 225 people.

“Our move downtown has been greeted with much enthusiasm not only from our employees, but also from the community,” Bill Wertz, Baker Tilly’s Milwaukee office market leader, told BizTimes. “We’ve been overwhelmed by the warm welcome we are receiving from the US Bank building tenants and other downtown businesses.”